All posts tagged "Oil Prices"

Energy Secretary Chris Wright took to Fox News Monday to boast about the amount of vessels currently transiting the Strait of Hormuz, but quickly pivoted to attacking the Biden administration and blaming Democrats after being issued a blunt reality check.

Wright boasted that 30 vessels had transited the Strait of Hormuz Sunday amid the ongoing U.S. war against Iran that’s caused severe disruptions to the critical waterway, and bragged that the United States was “continuing to get oil and gas and other critical products” out of the channel.

“So even if the numbers were 30 ships per day, that's still down from a pre-war high of about 130 ships per day,” noted Fox News host John Roberts. “When can we expect to see the traffic increase back up to pre-war levels?”...

President Donald Trump's top economic adviser Kevin Hassett claimed that American consumers are "optimistic" in an interview with Fox News on Tuesday, prompting people to push back online.

Hassett was responding to reports that skyrocketing gas prices amid the Iran war and the rising cost of living have sent consumer confidence plummeting. Earlier this month, he praised how credit card spending was "through the roof" for higher-priced gasoline.

"The thing that I've seen when I look at credit card data and other things that I can get for the private sector, is that while people have been spending more money at gas stations they've been spending more money on everything else, which means that they're very, very optimistic about the state of the economy — and they should be — if you look at GDP right now it's north of 4 percent," Hassett said. "And so despite this disruption, all the momentum that we've built with the Big Beautiful Bill and AI and everything else is really what the main economic story in the U.S. is."...

Trump administration officials once called high gas prices the Biden administration's "Achilles' heel" — but now it appears that could have come back to haunt them, according to a new Reuters report on Thursday.

The political and economic backlash over the Iran war has left the White House struggling to address the skyrocketing price of oil as the prospect of a quick end to the military operation looks increasingly unlikely, three Trump administration insiders familiar with the conversations told Reuters.

"U.S. President Donald Trump this week backed suspending the federal gas tax, a step that would knock 18 cents a gallon off motor fuel prices currently averaging more than $4.50 a gallon nationwide," Reuters reported. "Once viewed by some White House aides as unnecessary, the idea is gaining urgency as officials run low on options to show they are tackling rising costs, said the people, who spoke on the condition of anonymity to discuss sensitive internal deliberations."...

Serious questions were raised about market manipulation as President Donald Trump and his administration came under scrutiny over the status of the ongoing Iran war amid a chaotic rise and fall of oil prices.

Axios released a report early Wednesday that the United States was moving closer to an end of the Iran war — that's when people started to notice suspicious activity in the market.

The Kobeissi Letter challenged the timeline of incidents in a post on X....

President Donald Trump's presidency has hit a breaking point, an analyst said on Monday.

The New Republic's editor Michael Tomasky described how Trump's plummeting economy and rising prices of oil amid the Iran war have revealed how out of touch the president has been with Americans and their growing concerns.

"The presidency of Donald Trump is now officially in collapse," Tomasky wrote. "His war is … not exactly a disaster, but it sure isn’t the cakewalk he envisioned when he sprang it on the American people and the world with no notice on February 28. His firing of Attorney General Pam Bondi because she wasn’t sycophantic enough indicates a man who is utterly incapable of understanding anything about how democracy is supposed to work. His economy is a wreck and may well get worse. His proposed budget, especially the half-trillion-dollar increase to the Pentagon, is wildly out of whack with the priorities of the public."...

President Donald Trump joked about confiscating Iran's oil as search crews were desperately trying to find a fighter pilot who was downed in the war-torn country.

"KEEP THE OIL, ANYONE?" Trump wrote on Truth Social on Friday while the search was underway.

Hours earlier, an F-15E crashed in southern Iran. One pilot was rescued, and a search for the second pilot was reportedly in progress....